New York State Teachers' Retirement System, Albany, is reviewing its investment with AllianceBernstein, which runs $410 million in a passive international equity fund, in light of state and federal investigations into improper trading, said Dave Daly, spokesman. The $73.4 billion system has no timetable for making a decision, "but the situation is being carefully watched as events unfold," Mr. Daly said.
Separately, the $33 billion Minnesota State Board of Investments, St. Paul, is keeping an eye on AllianceBernstein and "talking to them," but not taking any action at this time, said Howard J. Bicker, executive director. AllianceBernstein has managed an active domestic midcap to large-cap concentrated growth equity portfolio since 1983; the fund's most recent annual report put the total at $764 million as of June 30, 2002. AllianceBernstein also has managed an active emerging markets equities portfolio since 2001, with $115 million as of June 30, 2002, according to the annual report.
The Board of Pensions of the Evangelical Lutheran Church in America, Minneapolis, also is evaluating AllianceBernstein, which runs large-cap growth equities for the $4.1 billion 403(b) plan. Terry Mencel, spokesman. did not provide the size of the portfolio.
